Growing up in Biglaw, I always thought pricing services for clients was easy. Conversations with clients went as follows: “Our rates range from X to Y, and are very competitive with our peer firms. If you have the audacity to ask for a break on these prices, we can offer you a 10% ‘courtesy discount,’ but will include language in our engagement letter allowing us to recoup that discount and more a few months into the engagement.” Of course, even in the mid-2000s (crazy that those days are nearly a decade ago), X was roughly the monthly lease payment on a well-equipped Honda Accord — for the least “experienced” lawyer in the entire firm — and Y was in the range approaching the monthly mortgage payment for a decent-sized colonial in a “pleasant” suburb. That was how things were priced, and depending on your firm, your rates were either considered cheap or expensive. But that categorization was always relative to other firms in your city, with a usually self-selected “peer group.” So there was always a “premium” (but unnecessary) firm more expensive, and on the other end of the pricing spectrum, a “discount shop” that could be sneered at for trying to undercut the market with low prices aimed at masking subpar legal ability.
When there was a surplus of demand for Biglaw’s services, the above approach was a tenable one. Once that surplus turned into a surfeit, firms needed to get a little more creative. At first, the tendency was to simply offer bigger discounts, with the “courtesy 10% off” turning into 25% off or more. Then clients started informing their firms of new “billing guidelines” where certain types of work would no longer be billable. Or where certain lawyers, such as junior associates whose time would no longer be paid for by clients, were magically transformed from revenue-producers for the firms that hired them to deadweight cost center investments in the “firm’s future.” Add in competition from other firms for a shrinking pie of business, and thinking about pricing became more rigorous. In fact, pricing expertise is one of the only Biglaw job skills with a growing rather than shrinking potential employment base….
Last week brought some good news for Georgetown University Law Center. In the latest U.S. News law school rankings, GULC moved up one spot to tie at #13 with Cornell. Go Hoyas!
Alas, over the past year the news has been less happy for some individual GULC students and graduates. About a year ago, former student Marc Gersen got sentenced to four years for meth dealing. Earlier this year, alumnus Stephen Glass got rejected for California bar admission, due to his notorious past as a dishonest journalist.
In recent weeks, a very accomplished (and handsome) GULC graduate, currently clerking for a federal appeals court judge, got indicted in connection with the collapse of Dewey & LeBoeuf. What Dewey know about Zachary Warren?
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Oliver Goodenough recaps Harvard’s workshop on Disruptive Innovation in the Market for Legal Services.
You know that something cutting edge is about to become accepted wisdom when Harvard has a symposium on it. The Program on the Legal Profession at the Harvard Law School held a top-level, day-long workshop on Disruptive Innovation in the Market for Legal Services. Speakers included Clay Christensen, Martha Minow, and Richard Suskind, visionaries in innovation theory, progressive legal education, and the legal practice of the future. Folks in attendance straddled law firm partners, start-up entrepreneurs, and legal academics. The meeting provided a punctuation point in our understanding of the great restructuring that is overwhelming law — we don’t necessarily know where it is headed, but denial that significant change is under way is no longer intellectually defensible.
* Dewey feel bad for Zach Warren? Totally. In the saddest revelation about his indictment, it seems D&L’s head honchos “had trouble remembering who [he] was” before arraignment. [New York Times]
* If you’re interested in going to law school (and if you want to pay off your loans), you’ll want to see the law schools where you’ll make the most bank after graduating. We’ll have more on this later. [Forbes]
* Fred Phelps Sr., founder of the Westboro Baptist Church, is near death. Not for nothing, but it would probably be fitting if people picketed his funeral in SCOTUS-approved protest. [Kansas City Star]
* The widow of Dustin Friedland, the attorney who was shot and killed during the Short Hills mall carjacking, has filed a wrongful death suit against the shopping venue’s owners. [Star-Ledger]
* Miley Cyrus is being sued… over her tongue. A man who helped build her tongue slide (a prop, not a sex maneuver) was injured — he claims he wasn’t warned about the potential dangers involved. [USA Today]
* Valerie Ford Jacob, leader of Fried Frank since 2003, is stepping down from her post prior to her official 2015 departure date. At least she’s leaving on a high note, with the firm’s highest profits per partner ever. Yay. [WSJ Law Blog (sub. req.)]
* Ralph Lerner, the ex-Sidley Austin partner who billed extra car charges to his clients, claims he went into work on weekends to do work for free to make up for it. Aww, how nice of him. [Am Law Daily]
* Many New York law schools moved in the recent U.S. News rankings, but not necessarily in the right direction. Four out of 15 schools moved up; the rest stayed the same or slipped. [New York Law Journal]
* Would you like damages with that? McDonald’s corporate and its franchisees are facing lawsuits filed by employees over their allegedly “stolen wages.” Class actions have been filed in three states. [Bloomberg]
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Abby Gordon is a Director with Lateral Link’s New York office. Abby works with attorney candidates on law firm and in-house searches, primarily in New York, Boston, and Europe. Prior to joining Lateral Link, Abby spent seven years as a corporate associate with Cleary Gottlieb, focusing on capital markets transactions for Latin American clients in New York and for the last five years for European clients in Paris. A native of Boston, Abby holds a J.D., cum laude, from Georgetown University Law Center and a B.A. in government and romance languages, magna cum laude, from Dartmouth College. Abby also worked with the International Rescue Committee as a Fulbright Scholar in Madrid, Spain. She is a member of the New York Bar and is fluent in French and Spanish (and dabbles in Portuguese and Italian).
If one of your career or personal goals is to work as a U.S. lawyer overseas, you need to start preparing and positioning yourself very early on. In this two-part series, I will first discuss picking the right practice area and picking the right firm to optimize your opportunities for working overseas, keeping geographical considerations in mind.
In the second part of this series, I will discuss the importance of language skills for various regions and practice areas. I will touch on the potential downsides and sacrifices involved in working overseas for a portion of your career. Finally, I will talk about what you can be doing now to best position yourself for a move overseas….
For starters, there are the emails laid out by the SEC in its complaint, such as:
“I don’t see how we’ll get past the auditors another year.”
“I assume you [k]new this but just in case. Can you find another clueless auditor for next year?”
“I don’t know anything about [the contracts] and I don’t want to cook the books anymore. We need to stop doing that.”
“I don’t know. He’s starting to wig a little. Maybe he’s hearing and seeing too much . . . .”
Sadly for people and happily for prosecutors, regrettable emails are simply a fact of modern electronic life. Still, “I don’t want to cook the books anymore” has to be pretty high on the list of things that one is likely to regret putting in an email.
* According to a confidential report from Deloitte, another major firm is set to follow in Heenan Blaikie’s footsteps within the next year. The sheer number of “sorries” after another Canadian Biglaw collapse would be simply terrifying. [Legal Post]
* Dean Demleitner of Washington & Lee Law doesn’t think its 3L reform program is to blame for its decline in rank. It’ll “take five to 10 years for the benefits of the program to become apparent.” Oh, that’s great… for the Class of 2023. [Fortune]
* Here’s another look at the U.S. News rankings. Compare Nebraska and Hofstra. One shot up in rank and tuition increased slightly. The other sank like a stone and tuition skyrocketed. [WSJ Law Blog (sub. req.)]
* For the first time in years, the number of LSAT test takers has increased by a whole 1.1 percent year over year. We can guarantee law schools will fight to the death to enroll those 213 students. [LSAT Blog]
* Judge Judy has never sued anyone, but now she’s suing a personal injury firm for using her picture in its ads. Damages recovered will be donated to scholarships for women. Classy lady. [New York Daily News]
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.